How to start forex trading? Read These Best Tips!

[Zhsy]

Most people are want to know how to start forex trading. Then here are some tips that I want to share with:

How to Get Educated About Forex

To trade effectively, it's critical to get a forex education. Spend some time reading up on how forex trading works, making forex trades, active forex trading times, and managing risk, for starters. There are plenty of websites, for example: fxcashbackking.com, books, and other resources you can take advantage of to learn more about forex trading.

As you may learn over time, nothing beats experience, and if you want to learn forex trading, experience is the best teacher. When you first start out, you can open a forex demo account and try out some dry-run trading. It will give you a good technical foundation on the mechanics of making forex trades, as well as help you get used to working with a specific trading platform.

Use a Micro Forex Account

The downfall of learning forex trading with a demo account alone is that you don't get to experience what it's like to have your hard-earned money on the line. Trading instructors often recommend that you open a micro forex trading account, or an account with a variable-trade-size broker, that will allow you to make small trades.

Learn About the Currencies You Trade

To get started, you'll also need to understand what you're trading. New traders tend to jump in and start trading anything that looks like it moves. They may use high leverage and trade randomly in both directions, and this can often lead to the loss of money.

Understanding the currencies that you buy and sell can have a big impact on your success. For example, a currency may be bouncing upward after a large fall. This may cause new traders to try to 'catch the bottom.'

Manage Risk and Emotions

Managing risk and managing your emotions go hand in hand. When people feel greedy, fearful, or another emotion, this may be when they're more likely to make mistakes with risk. And this is what often causes failure.

When you look at a trading chart, approach it with a logical mindset that only sees the presence or lack of potential for success. It should never be a matter of excitement.

 

[Sherverty]

Experience is the best teacher, and if you want to learn forex trading, experience is the best teacher. You can open a forex demo account and practice trading dry runs when you first start out. You will gain an understanding of the mechanics behind making forex trades as well as get used to working with a specific trading platform.

 

[John is Doe]

Win rate - it is rather irrelevant. It is won vs. lost amount that counts. You can be profitable with a win rate well below 50% just as you can lose money with a win rate of around 99%. Or in other words: The relation in size of your winners and losers matters. A plane may crash after 1000 flights, that is a freakin high win rate but in the end they were still all dead. Don’t be this plane, it’s fatal!
Win rate >= 80% is illusional. I won’t rule out that there are some momentum(?) based automated systems at work which might make this. For a manual trader, however, this comes down to having a lucky streak or very bad risk management in place (sitting losers out leads to the “plane issue” above).
explain some of their best strategies: Those very special strategies were created over years and take care of a lot information and still rely on a lot of knowledge, deep understanding and what not else. So long as we can’t copy someone’s brain content into yours, there goes your chance of “explaining”.